Rising Adoption of AI Technology Is Expected to Fuel the Growth of the Global Car Rental Market

 


The global Car Rental Market is estimated to be valued at US$ 133.23 Bn in 2023 and is expected to exhibit a CAGR of 13.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

The car rental market provides short or long-term vehicle rentals to users. These vehicles range from economy cars to luxury vehicles based on customer requirements. Features like navigation and entertainment systems, Bluetooth connectivity, and automatic transmission are commonly available in modern rented vehicles to enhance customer experience.

Market key trends:

One of the key trends in the car rental market is the adoption of AI technology to improve operational efficiency. AI is enabling advanced fleet management through predictive maintenance of rental vehicles. AI algorithms can accurately analyze historical service data to forecast component failures and schedule predictive maintenance. This significantly reduces rental downtime and improves customer satisfaction. AI is also being used for dynamic pricing of rental cars based on real-time demand patterns.

Segment Analysis

The global car rental market is divided into on-airport and off-airport segments based on location. The off-airport segment dominated the market in 2023 and is expected to continue its dominance over the forecast period due to the availability of various options for customers in terms of rental locations and vehicle availability. Off-airport rentals accounted for nearly 60% of the global car rental market in 2023.

Key Takeaways

The Global Car Rental Market Size is expected to witness high growth, exhibiting a CAGR of 13.6% over the forecast period, due to increasing urbanization and the growing number of leisure trips and business travels worldwide.

Regional analysis: North America dominated the global car rental market in 2023 and is expected to continue its dominance over the forecast period. This is owing to the high mobility rates and the presence of major rental operators in the region. Asia Pacific is expected to witness the fastest growth over the forecast period owing to increasing economic growth and rising personal income in emerging countries such as China and India.

Key players operating in the Car Rental Market are Enterprise Holdings, The Hertz Corporation, Avis Budget Group, Europcar Group, Carzonrent, Sixt SE, Al Futtaim Group, Localiza - Rent a Car, Eco Rent a Car, and GlobalCARS. Enterprise Holdings has the largest market share due to its strong brand name and global presence.

Read More: https://www.newsstatix.com/car-rental-market-size-share-and-growth-forecast-2023-2030/

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